RETAIL REVOLUTION: As department stores shuter locations across the country, brands are reconsidering what the purpose of a physical store should be.
With the look and feel of the store changing, long-term leases for retailers are becoming less common, as brands look for more flexibility: The average length of a retail lease has shrunk to five years, down from 20 years in 1991, according to commercial real estate services firm CBRE. Pop-up shops and temporary experiential retail spaces are becoming increasingly appealing.
“The transition of shopping behavior is happening so dramatically that traditional shopping destinations are re-evaluating their models and considering new ideas,” said Drew Ungvarsky, CEO and executive creative director of digital agency Grow. “Long-term, massive real estate buildout is less prevalent, as retailers are looking to be more adaptive to short-term experiments and other inventive ideas.”
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